What are some primary differences between savings and checking accounts?Savings accounts are essentially identical to checking accounts, only there's no need to balance a savings account because it is used less frequently.Savings accounts are usually accessed less frequently, pay a higher interest rate than checking accounts, and usually don't have checks that can be used.Banks balance savings accounts for you, whereas you have to balance checking accounts on your own.Checking accounts are used for day$-$to$-$day purchases, whereas savings accounts are used only for earning interest at a very high yield.